As construction approaches an end on one of Tallahassee's most recent projects downtown, city leaders say they are looking for more developments on the horizon. Currently, the Hotel Duval and the Florida Center for Performing Arts and Education are signs of progress for 2009. But the city says money is short for future plans in the private sector.
Michael Parker, the Assistant Director for Tallahassee's Economic Community Development said, "We do see that there will probably be a lag in 2010. We don't have a lot of projects in the pipeline right now. Hopefully by 2010, though, the financial circumstances that are holding these projects back will be somewhat remedied."
The Plaza Tower on top of Klemen Plaza expects to begin closing on its units in about two weeks. Property managers say out of 202 units, only 103 have contracts with buyers. Some who have already invested say they aren't worried.
Don Carrigan says he excited to close on two condos. "Yes, this is a weaker market than it was a couple of years ago, but it seems to be holding steady just because of the unique character of the building and that location." said Carrigan.
Not far from the Plaza Tower is the Tallahassee Center where real estate experts say there are 14 un-sold condos out of about a hundred. There are about the same number of vacancies at the Tennyson, but with a high demand for leasing.
The city believes new developments such as the Plaza Tower will eventually catch up to projects like those already built. The city also says more than 400 downtown residential units have come on-line in the past three years.